The Central Bureau of Investigation (CBI) has initiated an investigation into Signet PP Ltd, a private firm based in Mumbai, for an alleged bank fraud totaling ₹29.97 crore. The case stems from unpaid loans that led to significant losses for the public-sector Indian Bank during the financial years 2017-2018. An FIR was registered on April 2 against the firm, its directors, and unidentified public servants under the Prevention of Corruption Act and relevant sections of the Indian Penal Code, including criminal conspiracy and cheating. The Indian Bank had classified the firm’s loan account as a Non-Performing Asset on May 21, 2018, and reported the account as fraudulent to the Reserve Bank of India on March 24, 2020. The bank's complaint alleges that the firm, in collusion with unknown public servants, fraudulently obtained credit facilities by providing false stock and debt statements and misappropriating the loan funds for unauthorized purposes.